Volume Six - Pre-Victorian to the Present Day - Select Aspects - Acts and disputes . . .

Other documents were subsequently brought to light including the 'rough notes' on the Board Meeting of the TVR held on 19th March 1869 [142] during which Mr George Fisher of the Penarth Co. was invited to attend:

"Penarth Rails-

Mr. Fisher attended the Board.
Mr. Bushell requested Mr Fisher to state particulars of the claim of the Penarth Company against this Company for Rails which were sold, the price being returned to the Auctioneers under the order of the Taff Vale Railway Company.
Mr Fisher explained that the Rails were not contractors plant, but Permanent Way Rails, the purchase of which I contend was part of the Capital on which the Taff Vale Railway Company pays 4½ per cent.
Mr Cartright waited on the Board.
We understand that there is a question as to the price of some Permanent Way Rails which were sold by Auctioneers.
Mr Cartright referred to the settlement which was recently made and contended that the amount was not part of the settlement as the settlement was 4½ per cent on Capital not exceeding.
J. Poole - The idea has been presented to us that the Capital included the cost of these rails.
G. Fisher - I say that these rails were part of the Permanent Way and they (Penarth Company) had no more right to sell the rails than they had to sell the Dock Gates.
Mr Cartright contended that the amount in the hands of Stephenson belonged to the Penarth Co, and after recent settlement I was angry with our Secretary that the money was not paid and that he had not mentioned the matter earlier. We have exceeded our Parliamentary powers and therefore I contend that the Penarth Co are entitled to the Rails.
W. D. Bushell - I cannot divest myself of the fact that we purchased the £822,000 and therefore we are entitled to the Rails.
G. Fisher - If you get Smith & Vincent's Knight's matter settled than I suppose we shall get the amount back again.
J. Poole - We will consider the question.
G. Fisher - We had a Creosoting Tank and the Rails too.
W. D. Bushell - I can't for the life of me think they are entitled to it.
J. Poole - I don't think we need go into the matter further. Ordered that the claim be declined."